Reassessment Initiated Solely Based on Audit Party Objections Without New Facts Is Invalid Change of Opinion Reassessment Initiated Solely Based on Audit Party Objections Without New Facts Is Invalid Change of Opinion Issue Whether reopening of assessment under Section 147 after four years based solely on an audit party objection, without any new tangible material… Read More »
Tax Addition Under Section 68 Unjustified for Demonetised Cash Repayments and Related Interest Income Issue Whether cash repayments of existing loans received in Specified Bank Notes (SBNs) by a micro-finance NBFC, and the corresponding interest income already credited to the Profit & Loss account, can be treated as unexplained cash credits under Section 68 of… Read More »
Reopening under Section 148 is invalid when premised on change of opinion without new tangible material Reopening under Section 148 is invalid when premised on change of opinion without new tangible material Issue Whether an assessment reopening under Section 148 of the Income-tax Act, 1961 (Section 280 / Section 102 of the Income-tax Act, 2025)… Read More »
Retrospective Immunity Under Section 40(a)(i) Second Proviso Applies to Payments Made to Indian Branch of Foreign Company Without TDS Retrospective Immunity Under Section 40(a)(i) Second Proviso Applies to Payments Made to Indian Branch of Foreign Company Without TDS Issue Whether the second proviso to Section 40(a)(i) of the Income-tax Act, 1961 (Section 35 of the… Read More »
Addition made under Section 69A for cash deposits during demonetization, treatment of agricultural land sale as capital gain, and estimation of business income under Section 44AD held bad in law and deleted in favor of the assessee. Issue Whether cash deposits during demonetization can be treated as unexplained money under Section 69A when the assessee… Read More »
Compliance with High Court Stay Negates Assessee in Default Status and Interest for Non-Deduction of TDS on Foreign Travel LTC Issue Whether an employer-deductor can be treated as an “assessee in default” under Section 201(1) and charged interest under Section 201(1A) for non-deduction of tax at source under Section 192 on Leave Travel Concession/Leave Fair… Read More »
Reassessment Notice Issued Under Sanction of Principal Commissioner Instead of Specified Joint Commissioner Is Void Issue Whether a Section 148 reassessment notice issued for AY 2015-16 under the extended TOLA timeline is invalid if statutory approval was obtained from the Principal Commissioner instead of the specified Joint Commissioner under Section 151(2). Facts Assessee was issued… Read More »
Estimation of gross profit within industry range and disallowance of reasonable interest on unsecured loans are unsustainable without identifying specific defects in audited accounts. Estimation of gross profit within industry range and disallowance of reasonable interest on unsecured loans are unsustainable without identifying specific defects in audited accounts. Issue Whether the Assessing Officer can reject… Read More »
Unexplained Capital Introduced By Partners Cannot Be Added As Cash Credit Under Section 68 In Hands Of Partnership Firm Unexplained Capital Introduced By Partners Cannot Be Added As Cash Credit Under Section 68 In Hands Of Partnership Firm Issue Whether an addition under Section 68 for unexplained cash credit can be made in the hands… Read More »
Addition Under Section 69 And Capital Gains Tax Quashed As Investment Source Stood Duly Explained Issue Whether addition made under Section 69 towards alleged unexplained cash investment in agricultural land is sustainable when the cash payment source is supported by bank withdrawals. Whether agricultural land situated beyond 8 kilometers from municipal limits (as per Notification… Read More »